Cardano founder Charles Hoskinson recently spoke in an interview about “Bitcoin maximalism”, how DeFi has to become “Real-Fi” and about his plans for the digital transformation in Africa. Here are the 10 … | Currency News | Financial and business news
Cardano founder Charles Hoskinson believes that no blockchain will dominate the crypto sector, but rather there will be an “Internet of Blockchains”. The network recently underwent a major upgrade that allowed it to host smart contracts and other applications such as non-fungible tokens.
Its native Ada token has gained nearly 1,250% this year and is now the third largest by market capitalization after Bitcoin and Ether.
Hoskinson recently spoke to Insider about the major upgrade to the Alonzo network, the future of decentralized finance, and how smaller blockchains like Cardano haven’t seen the benefits of institutional investors jumping on the crypto bandwagon.
He covered a variety of topics ranging from maximalism in the crypto space, welcomed more “quality standards” for networks, and even talked about his upcoming tour in Africa – the third fastest growing crypto economy in the world.
Here are the 10 best quotes, edited slightly for clarity:
- “Unfortunately, there is a high level of maximalism in our industry when you talk to a Bitcoin person. They say, ‘Bitcoin is the only truth and everything else is a shit’.”
- “The other thing is that DeFi has to become ‘Real-Fi’ and grow up. That means it needs governance and real decentralization.”
- “It has to have metadata standards, it has to have quality standards, it has to have real customers, it has to have a built-in identity, all of these things.” – what decentralized financing needs to be mature.
- “The great thing about cryptocurrencies – they are separate from humanity in that regard.”
- “It’s not necessarily about who is the cheapest, but about variance.” – to discuss transaction fees in various crypto networks.
- “(I’m going to) go straight to Africa, and we’re going to South Africa, we’re going to Tanzania, Zanzibar, Burundi, Ethiopia, Kenya and Egypt, and we’re going to meet five heads of state.” – on his upcoming tour of Africa, where crypto adoption has increased 1200% in one year.
- “This (funding) round (raised) $ 4 million – we believe over 50,000 took part, and – this engine continues to grow.” – on Cardano’s latest funding efforts.
- “Almost all of the growth was like Bitcoin – organic, and there was no central driving force behind the scenes to do market-making deals. That was a double-edged sword, it meant that it took a hell of a lot longer to get listed on Coinbase. “- on the challenge of purely organic growth.
- “(Institutional investors) tend to only buy bitcoin – but they are now starting to use benefit impacts, environmental concerns and other things as investment criteria, which excludes bitcoin.” – on investor reservations towards Bitcoin.
- “So they have to move down the line and actually have proof-of-stake systems and we are the biggest. So we think we should get the lion’s share of those allocations.” – on Cardano’s lead over its competitors.